Invictus Limited (ASX:IVZ) executes well services contract with Baker Hughes

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Invictus Limited (ASX:IVZ) executes well services contract with Baker Hughes

New contract
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Highlights

  • Invictus Energy Limited (ASX: IVZ) has executed a well services contract with Baker Hughes.
  • The contract is aimed for Invictus’ basin opening drilling campaign in the Muzarabani-Mbire area of Zimbabwe.
  • The company has already signed a binding drilling contract for the Exalo Rig 202 to perform drilling work.
  • The Basis of Well Design is complete, well pad construction for the first well in the drilling sequence is progressing soundly.

Invictus Energy Limited (ASX:IVZ) has successfully executed a well services contract with Baker Hughes. This marks yet another milestone for Invictus as it progresses its 80% owned and operated Cabora Bassa Project in Zimbabwe. Notably, Baker Hughes is one of the world’s most established oilfield service providers, operational across 120 countries worldwide.

Binding well services contract with Baker Hughes

The contract is aimed for Invictus’ basin opening drilling campaign in the Muzarabani-Mbire area of Zimbabwe. The campaign is poised to commence from end of July 2022.

The deal began when Invictus signed a letter of intent with Baker Hughes back in February regarding well services for the Company’s forthcoming two-well exploration campaign at the Cabora Bassa project.

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Scope of the contract

The scope of the contract between the two parties includes services such as cementing, mudlogging, wireline, drilling fluids and mud engineering, tubular running, finishing and abandonment, directional drilling and logging, liner hangers, drill bits, reservoir technical services and project management. Additionally, the supply and installation of wellhead equipment is also a part of the scope of the contract.

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Drilling work progress

As Invictus had announced on March 10, the company has signed a binding drilling contract for the Exalo Rig 202 to perform the drilling work. Additionally, in early June, the drilling rig is expected to mobilise to Zimbabwe from Tanzania. Subsequently, drilling of the first well in Invictus’ campaign is expected to start in July 2022.

Notably, the Mukuyu-1 well will test multiple stacked targets within the greater Mukuyu structure which is independently estimated to contain 8.2 Tcf + 247 million barrels of conventional gascondensate (gross mean unrisked).

 Mukuyu-1 well

Mukuyu-1 well conceptual well diagram, Source- Company announcement, 26 May 2022

Meanwhile, the Company is waiting for an updated Independent Prospective Resources Estimate consisting of the new CB21 Seismic results. Besides, Invictus continues to make progress on selection of the second well location.

FINAL READ: This is how Invictus Energy (ASX:IVZ) performed in March 2022 quarter

All in all, the well services contract with Baker Hughes is another great milestone achieved by Invictus as they embark on their maiden drilling campaign in Zimbabwe’s Cabora Bassa basin. Additionally, The Basis of Well Design is completed and the well pad construction for the first well in the drilling sequence is progressing soundly. With such exponential progress, it looks like the next few weeks are going to be both exciting and crucial for Invictus Energy.

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